Daily (12.02.2019): European power prices for 2020 delivery tumbled on Monday tracking weaker coal and carbon markets

12/02/2019 11:39 Daily

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Uncertainty about the restart of the trade talks between U.S. and China outweighed the support from OPEC-led supply cuts on Monday. A strengthening dollar put more pressure on prices. Consequently, oil prices retreated, with Brent oil trading nearly 1% down at $61.51 a barrel. WTI futures edged 0.6% lower at $52.41 a barrel.

Most of the British wholesale gas prices declined on Monday due to mild weather, ample LNG supplies and increased Norwegian flows. NBP spot price decreased by 0.5% to 48.25 p/therm. On the curve, the NBP contract for delivery in Summer 2019 lost 0.2% ending at 45.78 p/therm.

 

A steep drop in wind power generation coupled with a boost in heating demand due to falling temperatures contributed to a rise in European spot power prices on Monday. The German day-ahead power price skyrocketed by 586.3% to 46.74 p/therm. The equivalent French contract soared by 52.1% to 51.39 p/therm.

 

Further on the curve, electricity prices dipped, tracking low coal, carbon and gas prices. The German power contract for delivery in 2020 was 1.7% down at 47.02 EUR/MWh, while the equivalent French contract traded 1.6% lower at 49.73 EUR/MWh.

 

European carbon prices posted slight gains on Monday amid a weaker energy complex and moderate trading. The contract expiring in 2019 added 0.1% to settle at 22.40 EUR/tonne.

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